According to a recent report from ForeclosureRadar, there was a decline in foreclosure activity in Nevada during the month of February, a trend that could bode well for homes for sale in Las Vegas.
The report indicated that foreclosure filings in Nevada fell significantly during the month, as did the number of foreclosure sales, which dipped 40 percent. However, despite the reductions, it was noted that the state still retained the highest foreclosure rate in the country.
Local state legislation are said to have been a major factor in the reduced foreclosure activity. However, to some experts' dismay, other states have noticed Nevada's success and plan to introduce similar laws.
"Passing laws to essentially eliminate foreclosures, as they appear to have accomplished in Nevada, and are now contemplating with similar draconian measures in California, is likely to do more harm then good," said ForeclosureRadar CEO Sean O'Toole.
Meanwhile, a high level of foreclosures in Las Vegas does have a bright side. It has resulted in a near 30 percent decline in home prices since the housing market's peak, making the prospect of homeownership much more affordable for entry-level buyers.
